Lennar |
|
|---|---|
| 2017 Performance Final Grade: 78.10/1002016 Final Grade:77.1/100 | B+/B+ |
| Change YoY | ||
|---|---|---|
| Net debt-to-capital | 31.6% | -180bps |
| Pretax home building income (in millions) | $1,269 | -5.6% |
| Total SG&A/Total revenue | 20.3% | -- |
| Total SG&A(in millions) | $2,570.9 | 17.6% |
| Return on invested capital | 5.9% | -190bps |
| Return on equity | 10.9% | -350bps |
| Total shareholder return | 50.7% | -- |
| EPS | $3.38 | -16.5% |
| Change YoY | ||
|---|---|---|
| Community count | 765 | +70 |
| Share of lots optioned to total controlled | 21% | 0.7% |
| Change YoY | ||
|---|---|---|
| Home building gross margins | 22% | -100bps |
| Sales per month to break even (per community) |
1.38 | -- |
| Revenue per employee (in millions) |
$1.4 | 5.7% |
| Change YoY | ||
|---|---|---|
| Closings | 29,394 | 10.7% |
| Sales velocity (per community per month) |
3.3 | 0.7% |
| Unit backlog | 8,935 | 17.2% |
| Total revenue (in millions):$12,646 |
| HB revenue (in millions): $11,035 |
| Debt per share: $29.32 |
| Equity per basic share: $32.81 |
| HB pretax margin: 11.3% |
| Backlog value (in millions): $3,350.4 |
| Inventory (in millions):$10,860.9 |
| Lot supply (in years): 6.1 |
Lennar (NYSE: LEN) spent much of the year negotiating and readying for its “strategic combination” with CalAtlantic, which closed early in 2018. But 2017 was also about performance, including deliveries of 29,394 homes (up 11%), new orders of 30,348 homes (up 11%), and revenues of $12.6 billion (up 15%). “Our results … benefitted from strong demand for homes, low unemployment, favorable interest rates, and increased consumer confidence,” says executive chairman Stuart Miller.